Moses Obeid, son of former State MP Eddie, gives evidence at ICAC

SALLY SARA: It's been a day of high drama at the New South Wales corruption commission. For the first time, the son of former ALP powerbroker Eddie Obeid, admitted the family stood to make $75 million from land deals and the sale of lucrative mining leases granted by former minister Ian Macdonald.

Moses Obeid is the first of Eddie Obeid's five sons called to give evidence.

Peter Lloyd reports.

PETER LLOYD: It began with what seemed like a Lance Armstrong/Oprah Winfrey style moment of truth.

GEOFFREY WATSON (voiceover): Do you admit that you asked Mr Macdonald because he was the minister covering responsibility for mineral resources?

MOSES OBEID (voiceover): Yes.

PETER LLOYD: But that's where the apparent moment of admission expired.

GEOFFREY WATSON (voiceover): Do you admit that you got access to ask these questions through your father, Eddie Obeid?

MOSES OBEID (voiceover): No.

PETER LLOYD: It happened like that a number of times today. The son would not implicate the father. Instead, Moses Obeid attempted to shine the light elsewhere.

He said it was the minerals minister Ian Macdonald who'd told him in May or June 2008 that the government was shortly opening up 20 coal exploration licences in the New South Wales Upper Hunter.

It's what ICAC's been referring to as the inside information that gave the Obeids a head start to go on a spending spree to buy up several farms over which lucrative coal mining leases were later conspicuously issued.

Under cross examination, Moses Obeid repeatedly insisted that he did not know that the information was confidential. He said the subsequent land investments were the result of due diligence.

The outcome though is longer in no doubt. The Obeids sold the farms and the mining leases and made, according to Moses Obeid's own words today, $75 million.

PETER LLOYD: It was a day that tested wits, patience and goodwill. During a break, an over-zealous security guard working for the owners of the building where ICAC is located, roughed up a woman photographer and then shoved television camera crews.